New research from Together – loans, mortgages & finance reveals startling differences in homeownership journeys between generations.

Key findings:
– 20% of millennials rely on parental deposits for their first home, compared to 11% of baby boomers. Rising prices force “boomer” parents to step in.
– 20% of millennials move back home to save, 5x the rate of baby boomers at their age.
– Over half of baby boomers have no regrets about buying – a stark contrast to today’s challenges.

The Challenge:
– 158% average UK house price increase (adjusted for inflation) in 50 years.
Millennials reach homeownership 10 years later than baby boomers (34 vs. 27 years old).

But there’s hope!
– 19% of millennial homeowners advocate gifting properties to future generations.
– 60% of millennials plan to buy within 5-10 years.

Mortgage provider Together – loans, mortgages & finance saw a 9% increase in first-time buyer mortgages in 2023.

Need help navigating the above? Get in touch: mortgages@condieswealth.co.uk

The post is for information purposes only and shouldn’t be viewed as advice. Please seek advice from a mortgage broker if you are thinking of remortgaging your home. A mortgage is a loan secured against your home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE